First Bancorp Inc ME

Total interest income of $35.0 million for the three months ended March 31, 2024 was an increase of $6.1 million or 21.0% compared to total interest income of $28.9 million for the same period of 2023. Growth in earning assets coupled with higher interest rates resulted in the period-to-period increase. Higher market interest rates resulting from FOMC actions coupled with changing customer product preferences to higher cost money market and CD products led to total interest expense of $20.1 million for the three months ended March 31, 2024, an increase of $8.7 million or 75.8% compared to total interest expense for the three months ended March 31, 2023. As a result, net interest income of $14.9 million for the three months ended March 31, 2024 was a decrease of $2.6 million or 14.8% compared to net interest income of $17.5 million for the same period ended March 31, 2023. The Company's net interest margin on a tax-equivalent basis for the three months ended March 31, 2024 was 2.22%, down from 2.78% for the first three months of 2023. Tax-exempt interest income amounted to $2.5 million for the three months ended March 31, 2024 compared to $2.3 million for the three months ended March 31, 2023.

The following table presents the amount of interest earned or paid, as well as the average yield or rate on an annualized basis, for each major category of assets or liabilities for the three months ended March 31, 2024 and 2023. Tax-exempt income is calculated on a tax-equivalent basis, using a 21.0% Federal Income Tax rate.

The following table presents changes in interest income and expense attributable to changes in interest rates and volume for interest-earning assets and liabilities for the three months ended March 31, 2024 compared to 2023. Tax-exempt income is calculated on a tax-equivalent basis, using a 21% Federal Income Tax rate.

1 Represents the change attributable to a combination of change in rate and change in volume.